Paris Square in Northvale, an active 55-plus adult community in Bergen County, is now fully open. The final phase’s completion was celebrated Monday with a ribbon-cutting that included Northvale Mayor Patrick Marana and representatives of Procida Funding, ConnectOne Bank, Northvale Greens LLC, Ray Reduce Development and Coldwell Banker.
The total project contains 111 condominium units consisting of both townhouses and condominium apartments. The first section of 45 apartments and 20 townhouses has sold out, and the final section of Paris Square adds 46 single-floor luxury condominiums spread across three separate elevator buildings, each with indoor parking. The first building of 14 apartments sold out quickly, and, to date, more than 40% of the new section has been sold and will soon be closing.
“This is exactly what Procida Funding does — we stay local by investing in our backyard, and we were successful on this project because we put together a local dream team who we knew would do a phenomenal job,” Billy Procida, CEO of Procida Funding and Advisors, said in a prepared statement. “Our entire development team has decades of experience working in this area, so, by combining all that local experience, we were able to get this over the finish line.”
Procida Funding’s $14.5 million construction loan to Northvale Greens led to the completion of the final section consisting of three buildings; the third and final section of Paris Square’s units are priced in the low $400,000s to the high $600,000s.
“When you have a project that is infamous for being stalled, you know the single most important thing is to finish and, with current market conditions, I knew I needed a partner who was as determined as me to do just that and that’s why I went with Procida,” Alvin Sarter, managing member of Northvale Greens LLC, and the developer of the project, said.
The condos come in one-, two- and three-bedroom floorplans, with each featuring 9-foot ceilings, gourmet kitchens, wide plank wood flooring, in-unit washer/dryers, security intercoms and indoor parking spaces.
Anne Van Dyke of Coldwell Banker Global Luxury is the listing agent for Paris Square’s new availabilities.